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Bank Ochrony Srodowiska (Bank for Environmental Protection, BOS) has published its first ESG report outlining its strategy to increase the share of green assets in its loan portfolio to 50% in 2023. In addition, the bank announced that it aims to achieve climate neutrality by 2030, by reducing its carbon footprint, using renewable energy and improving its waste management system.
As part of its sustainability strategy, BOS will implement internal and external actions in the areas of environment and climate, social environment and corporate governance. According to Wojciech Hann, CEO of BOS, the involvement of the banking sector is a crucial element in the process of achieving climate goals. As a specialist bank, BOS wants to take an active part in pro-ecological changes and support its partners in the implementation of green projects.
BOS will continue to be involved in the development of green financial products, and the bank aims to increase the importance of these products in the business operations. BOS reports that the share of green assets in its loan portfolio is expected to reach 50% in 2023, a marked increase from 36.3% at the end of 2020. Additionally, the bank announces an increase in the volume of sales of sustainable products, working with small and medium-sized enterprises. This increase is expected to reach up to PLN 400m in 2022. The bank also announced that it will reduce financing for thermal coal mining and new coal blocks.
BOS will achieve climate neutrality?
The bank has decided to reduce its negative impact on the environment, and the ultimate goal of the new climate policy is to achieve climate neutrality in 2030. BOS intends to reduce its carbon footprint by 20% compared to 2020, as well as modernise its vehicle fleet so that hybrid or electric cars account for 30% of the vehicles in use by the end of 2023. In 2022, the bank also wants to switch fully to electricity from renewable energy sources, and in the future, it will also increase the proportion of energy-efficient lighting. In addition, the waste management system will be changed, and the bank will implement an environmental and climate policy. It is worth noting that this year, BOS has reduced CO2 emissions by 49%, and 97% of the purchased electricity was generated by RES.
The bank plans to obtain an ESG rating this year, and from 2023, all BOS transactions with institutional clients will be subject to ESG risk assessment. The bank announces that ESG reports are to be published annually.